Domestic gold improved, silver slumped

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(By commercial representative) Mumbai, Ta. 11 November 2020, Wednesday

At home, the rupee's depreciation against major global currencies led to an improvement in gold prices, while silver saw a bearish rally. Gold was weakening in the world market. Palladium prices also fell significantly. Russia's vaccine is also proving effective, with crude oil improving.

At home, the GST-free price of 10 grams of gold in the Mumbai market, which was Rs 305 yesterday, was Rs 30,605 today.

Gold was closing at Rs 30,605 with a price of Rs 305. Prices with GST were quoted three per cent higher. Silver. The price of a kilogram was Rs. 215 to Rs. 5 and closed at Rs. Prices were quoted three per cent higher with GST.

In Ahmedabad, silver was sold at Rs. Gold rose by Rs 100 to Rs 200 at Rs 2.50 and Rs 200 per ten grams at Rs 2.50.

Gold in the world market traded moderately soft at ૮૭૬ 18 an ounce and was trading at ૮૭૪ 16. Silver was trading at 2.15, up from 2.15. Platinum was trading at ૮૭૪ 6 an ounce, while palladium was trading at ૨૪૫૮ 5 an ounce.

The market is watching to see what decisions the new government in the US may make regarding stimuli related to the corona. The rupee depreciated against major global currencies in the domestic currency market. The dollar had gained 19 paise to Rs 2.7, the pound had gained 8 paise to Rs 7.5 and the euro had gained 18 paise to close at Rs 2.50.

In the US, crude oil stocks fell by 31 lakh barrels against expectations of 3 lakh barrels. New York crude was trading at ૭ 2.50 a barrel, while Brent crude was trading at 4.50. Total stocks have reached 3 million barrels.


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